Swiss National Bank Calls for Stronger Financial Regulations Post Credit Suisse Collapse
Switzerland’s financial regulations need strengthening after UBS’s takeover of Credit Suisse, according to the Swiss National Bank (SNB). The SNB…
Month: June 2024
Honeywell to buy aerospace and defense firm CAES Systems for $1.9 bln
Honeywell has agreed to purchase aerospace and defense technology firm CAES Systems from Advent International for $1.9 billion in an…
WestJet Works to Resume Normal Operations After Union Rescinds Strike Notice
WestJet Airlines is working to return to normal operations following the rescindment of a strike notice by the union representing…
Guzman Y Gomez surges 37% in hottest Australian IPO in three years
Guzman Y Gomez (GYG.AX), a Mexican food chain, delivered Australia’s best initial public offering (IPO) debut in three years, with…
Citigroup Eyes European Expansion Despite Political Instability
Citigroup (C.N) is poised to expand its business in Europe despite the continent’s political volatility, which has deterred investors, according…
Nigeria’s Petrol Prices Surge by 223% in May
Month-on-month, the price increased by 9.75%, up from N701.24 in April 2024. The report highlights that the national average retail…
Okomu Oil, Presco post 94% growth in profits in Q1’2024 amid rising inflation
The combined profit of Presco Plc and Okomu Oil Palm Company Plc soared by 94.32% in the first quarter of…
World Bank disburses $300m palliative loans, benefitting 3 million Nigerians
The World Bank has disbursed an $800 million palliative loan to assist poor and vulnerable households affected by recent government…
Nigeria’s credit penetration rises to 14%
During the CRC Finance and Credit Conference 2024 in Lagos, CRC Credit Bureau Limited revealed that Nigeria’s credit penetration has…
Customs one-year revenue rises by 74%, hits N4.5tn
The Nigeria Customs Service (NCS) has reported a significant 74% growth in revenue collection, reaching N4.49 trillion between June 2023…
Aradel crude production hits 13,000bpd
Aradel Holdings Plc, an indigenous energy company, has announced a remarkable increase in its crude oil and gas production during…
Equity market resumes from Sallah holiday with N47bn loss
Investors on the Nigerian Exchange faced losses totaling approximately N47 billion as trading resumed after the two-day Eid al-Fitr holiday.…
Federal Government’s Borrowings from World Bank Total $4.95bn in 12 Months
Over the past year, the Federal Government of Nigeria has borrowed a total of $4.95 billion in loans from the…
SEforALL Reappoints Damilola Ogunbiyi as CEO for Second Term
The Sustainable Energy for All (SEforALL) Governance Board has approved the reappointment of Ms. Damilola Ogunbiyi for a second term…
FG, World Bank Trains 496 Youth in Web, App Development
In collaboration with Information Technology (IT) firms, the World Bank and the federal government have trained 496 young Nigerians in…
Nigeria’s trade with UK crashes by 25% in Q1 2024 on lower exports
Nigeria’s total trade with the United Kingdom declined by 25% in the first quarter of 2024, despite higher values from…
Lagos State to Establish Aviation Unit, Develop Lekki Airport
The Lagos State Government will create an Aviation Unit within the Ministry of Transportation to enhance oversight of the aviation…
U.S President allows legal status for 500,000 illegal immigrants married to its citizens
President Biden has granted legal status and a streamlined pathway to U.S. residency and citizenship for about half a million…
Lagos State aims for 52% clean energy BRT buses by 2050
The Lagos State Government has set an ambitious target to significantly reduce carbon emissions in public transportation, aiming for 52%…
WFP partners Nigeria, others to kickstart food assistance program, targets 7.5 million people
The United Nations World Food Program (WFP) has partnered with Nigeria and other West and Central African countries to launch…
EnjoyCorp Acquires 86.5% Stake in Champion Breweries Plc
The Board of Champion Breweries Plc has announced the completion of an 86.5% stake acquisition by EnjoyCorp Limited. This acquisition…
Dangote refinery enters Asian market, ships first low-sulfur oil to Singapore
Nigeria’s Dangote Refinery is set to dispatch its first shipment of low-sulfur straight-run fuel oil (LSSR) to Singapore, marking its…
Asian, local companies take over as western multinationals exit Nigeria
As major multinationals from the US and Europe exit Nigeria, Asian and local companies are stepping in to fill the…
Big oil buyers’ shift to electric vehicles threatens Nigeria petrodollars
The increase in electric vehicle (EV) sales in major importers of Nigerian crude oil, such as France, Spain, India, and…
Nigeria ranks 88th out of 141 countries in Logistics Performance Index
Nigeria has improved its standing in the World Bank Logistics Performance Index (LPI), rising from 91st position in 2022 to…
NERC okays 450MW deal to avert Zungeru plant shutdown
The Nigerian Electricity Regulatory Commission (NERC) has sanctioned a deal to procure 450 megawatts of electricity from the newly completed…
Court orders Arik Air to pay over $24,000 to ex-worker
An Industrial Court in Lagos has mandated Arik Air to compensate a former employee, Mrs. Andreia Perdigao, with eight months’…
FG offers 17 new oil blocks for bidding
The Federal Government of Nigeria has announced the inclusion of 17 deep offshore oil blocks in the 2024 Licensing Round,…
Modular refiners, Afreximbank begin talks over $18bn loan
Investors in Nigeria’s modular refinery sector have initiated discussions with the African Export-Import Bank (Afreximbank) to access part of the…
Worry as NCAA acting DG tenure expires
There is growing tension among staff and management of the Nigeria Civil Aviation Authority (NCAA) and the Ministry of Aviation…